Markets preserve momentum for third day; RIL good points after Netmeds deal

Mumbai, August 19

Market benchmarks ticked greater for the third straight session on Wednesday, propped up by Reliance Industries, HDFC Bank and ICICI Bank amid a bullish development in international equities.

The BSE Sensex touched a excessive of 38,788.51 in the course of the day however succumbed to profit-booking on the fag-end of the session. It lastly closed at 38,614.79, up 86.47 factors or 0.22 per cent. 

On comparable strains, the NSE Nifty rose 23.05 factors or 0.20 per cent to 11,408.40.

Market behemoth Reliance Industries climbed 0.68 per cent after asserting acquisition of 60 per cent stake in e-pharmacy Netmeds for Rs 620 crore.

Tech Mahindra was the highest gainer within the Sensex pack, rising 1.91 per cent, adopted by Bharti Airtel, Maruti, ICICI Bank, HDFC Bank, SBI, RIL and , Asian Paints.

On the opposite hand, Bajaj Auto, ONGC, Nestle India, HUL and Kotak Bank had been among the many laggards, slipping as much as 1.42 per cent.

According to merchants, home bourses adopted optimistic cues from international markets after US equities hit document highs in in a single day session.

“Ever current fears relating to the COVID-19 impression on financial restoration led to volatility within the international markets, regardless of US markets surging to document highs. Indian indices additionally exhibited this volatility earlier than closing the day with a optimistic bias. Banking index once more led the good points. 

“The gains in the Indian market, as in the global markets, have been driven by ample liquidity and the expectation of normalisation of business supported by government measures, in a post COVID-19 scenario. However, investors must continue to remain stock specific and use the accumulation strategy for the time being,” stated Vinod Nair, Head of Research at Geojit Financial Services.

BSE telecom, realty, industrials, fundamental supplies, utilities and finance indices jumped as much as 1.49 per cent, whereas IT, FMCG, healthcare and teck indices ended within the purple.

Broader BSE mid-cap and small-cap indices rallied as a lot as 1.16 per cent. 

Persistent international fund inflows too buoyed investor sentiment, merchants stated.

Foreign institutional traders purchased equities price a web Rs 1,134.57 crore on Tuesday, provisional alternate knowledge confirmed.

Global markets adopted cues from Wall Street regardless of rising US-China tensions and issues round stretched valuations.

Bourses in Tokyo and Seoul ended on a optimistic notice, whereas Shanghai and Hong Kong had been within the purple.

Stock exchanges in Europe had been buying and selling with regular good points in early offers. 

Global oil benchmark Brent crude was buying and selling 0.66 per cent decrease at USD 45.16 per barrel.

In the foreign exchange market, the rupee settled 6 paise decrease at 74.82 towards the US greenback. — PTI

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